Union Minister Jitendra Singh Projects India's Space Economy to Reach $40 Billion by 2040, Cites Success in Foreign Satellite Launches.
Union Minister Jitendra Singh, overseeing Science and Technology, Atomic Energy, and Space, has projected India’s space economy to reach $40 billion by 2040. Singh highlighted the current space economy at around $8 million but emphasized significant growth potential. Notable achievements include foreign satellite launches, generating EUR 230-240 million from European satellites and $170-180 million from American satellites.
Speaking at the 60th anniversary of ISRO’s rocket launch event, Singh discussed the transformative role of the National Research Foundation, Anu Sandhan, inspired by successful US models. He emphasized that over 70% of space resources will come from the non-government sector, supplementing national resources.
Despite past resource challenges, Singh expressed confidence in India’s scientific expertise, citing achievements such as detecting the H2O molecule on the Moon with Chandrayaan. He highlighted the national unity and support witnessed during the Chandrayaan mission.
The opening of the space sector to private entities marked a significant shift, enhancing funding, knowledge, and public engagement. Singh outlined ambitious goals for the Indian space program, including the Gaganyaan human spaceflight mission, with a trial flight test already conducted. By 2025, India aims to send a person to space and ensure a safe return, preceded by a female robot simulating astronaut actions.”